Financial statements of a Manufacturing firm The following events took place for Rockhaven B.king inci during February, the fiest month of operations as a producer of road bikes: - Purchased 5707,200 of materiais: - Used $178,200 of direct materials in production. - mourred $152.000 of direct labor wages. - Appled fectory overhead at a rate of 70% of dinect labor cost - Transferred $419,100 of work in process to finished goods. + Sold goodiw with a cost of \$412,300, - Revenues earned by seling bikes, $738,000. - Incurred $172,300 of seling expenses. - incurred $66,000 of administrative expencses. a. Hreobre the incame statement for Rockhaven Biking tne. for the month ending February 28. - Applied factory overhead at a rate of 70% of direct labor cost. - Transferred $419,100 of work in process to finished goods. - Sold goods with a cost of $412,300. - Revenues earned by selling bikes, $738,000. - Incurred $177,300 of selling expenses. - Incurred $66,000 of administrative expenses. a. Prepare the income statement for Rockhaven Biking Inc. for the month ending February 28. b. Determine the inventory balances on February 28 , the end of the first month of operations. 4 more Check My Work uses remaining